Oil prices pressured by dollar's rise and OPEC's opaque deal

Oil prices fell in European trade on Thursday away from a three-week high hit in the Asian session, on profit-taking after surging yesterday, while the dollar rises, pressuring commodities and metals, as investors still can't figure the details of OPEC's deal to cut production. 

As of 12:55 GMT, U.S. crude fell to $46.90 a barrel from the opening of $47.20, with an intraday high at $47.43, the best since September 8, and a low at $46.59. 

Brent crude slid to $48.35 a barrel from the opening of $48.80, with a session-high at $49.07, the highest since September 9, and a low at $47.97. 

U.S. November futures closed up 5% yesterday, while Brent futures spiked 5.8%, the largest daily gain since February 3, after OPEC agreed to a production deal for the first time in eight years. 

The dollar rose 0.3% against a basket of major rivals, nearing a week high at 95.65 after strong GDP growth data for second quarter and unemployment claims data.

The upbeat data bolstered the case for a Fed rate hike in December, while investors await Fed Chair Janet Yellen's speech later today in Kansas City to reassess the chance of a rate increase this year. 

OPEC's members agreed to cut production to 32.5 million barrels a day, while forming a special committee to specify the particular cuts for every country, with the final details due on the organization's official meeting on November 30. 

Iran's oil minister Beijan Zenkeh said that OPEC producers agreed to cut production to 32.5 - 33.0 million bpd. 

Qatar's energy minister Muhammad Bin Saleh refused to talk about the specific quotas for each country, saying the decisions was unanimous, while a committee will set the ratios for every country.  

Goldman Sachs analysts said that OPEC's deal will send oil prices 10 dollars higher in the short term, as the bank still doubts an actual enforcement of these cuts.